IsoEnergy: Summer Drilling Started at Larocque East in the Athabasca Basin

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On June 11 IsoEnergy (ISO) announced that its 20 drill-hole, 8,000m diamond drill campaign has begun at Larocque East in the eastern Athabasca Basin. The summer campaign will focus on following-up from high-grade results achieved along the Hurricane South Trend during the winter 2026 campaign.

The Hurricane South Trend is a compelling exploration trend with mineralization intersected in multiple holes over a 500m strike length to the east of the Hurricane deposit. Recall that drilling along the Hurricane South Trend this past winter yielded several high grade intercepts highlighted by:

• LE26-248: 4.21% U3O8 over 3.5m including 11.61% U3O8 over 1.0m

• LE26-234: 2.75% U3O8 over 0.5m

• LE26-243: 1.75% U3O8 over 0.5m

The assays from the winter program (as released on May 12, 2026) confirmed the previously reported radioactivity thus validating the uranium mineralization along the Hurricane South Trend. The upcoming summer drilling campaign is designed to test the South Trend along strike east of LE26-248 and LE21-107, both of which intersected high grade mineralization along the J-L fault corridor. Additionally, airborne MobileMT surveys and ground field work to investigate anomalies identified during 2024 RAMP helicopter-borne radiometric surveys, are planned to develop drill targets on four prospective early-stage projects, as well as the western portion of Larocque East.

HURRICANE SOUTH TREND

The Hurricane South Trend is a compelling exploration trend with mineralization intersected in multiple holes over a 500 m strike length to the east of the Hurricane deposit. Winter 2026 drilling tested the South Trend in the low-grade zone of the deposit and along strike to the east, building on previous drilling during which mineralization was intersected near the unconformity in drill holes LE25-207, LE25-210, LE21-101 and LE22-115A. Recently received assay results confirmed high-grade mineralization within the newly reinterpreted L Fault Zone, including 4.21% U3O8 over 3.5m in LE26-248, demonstrating strong potential to expand mineralization beyond the current resource footprint. Summer 2026 drilling will follow up along this trend, focusing on step-outs from LE26-248 and the along-strike extension to the east. Potential for high grade mineralization like the 20.4% U3O8 intersected over 6.5m in 2021 drill hole LE21-107 will also be tested along the J-K fault zone within the broader South Trend east of the deposit.

ADDITIONAL ATHABASCA BASIN TARGETS

IsoEnergy has 14 prospective early-stage projects in the eastern Athabasca Basin on which a pipeline of drill targets is being developed. Summer work is planned across four of these early-stage projects, as well as the western portion of Larocque East. Airborne MobileMT surveys are planned for the Trident, Ranger and western Larocque East projects, complementing MobileMT surveys previously completed on the East Rim and Evergreen projects.

HURRICANE DEPOSIT - THE HIGHEST GRADE URANIUM RESOURCE IN THE WORLD

Recall that since the Hurricane discovery hole was drilled in July 2018, subsequent high grade assay results have culminated with a maiden resource at a world best 34.5% U3O8 for a significant ~49.0M lbs in the Indicated category. The asset itself is wholly owned by IsoEnergy. As opposed to the Arrow deposit (Nexgen Energy) or the Triple R deposit (Paladin Energy), Hurricane is located in the eastern portion of the Athabasca Basin which is already well endowed with current infrastructure and a multitude of uranium mines and mills. Note that the McClean Lake mill is located just ~35km from the deposit.

TORO ENERGY UPDATE

As announced by Toro Energy (TOE-ASX) on June 9, the requisite majority of Toro shareholders have voted in favor of the proposed acquisition as announced by IsoEnergy this past October. Toro will now apply to the Federal Court of Australia for approval of the Scheme at the Second Court Hearing, which will be scheduled for June 15, 2026. If the Court approves the scheme at the Second Court Hearing, Toro will lodge a copy of the Court orders with ASIC on June 16, at which point the Scheme will become effective. It is expected that Toro shares will be suspended from trading on the ASX from the close of trading on the Effective Date (June 16, 2026). The Scheme is then expected to be implemented on June 25, 2026.

CONCLUSION & VALUATION

Ultimately, we highlight that the winter drilling campaign was successful in identifying additional mineral fault strands across the width of the Hurricane South Trend, highlighting a broader and more prospective corridor than previously interpreted, with potential for additional zones within underexplored areas. We're glad to see the 8,000m follow-up campaign commencing. The company maintains a healthy C$130M in treasury.

We maintain our 1.0x target NAV multiple which leads to a price objective of C$18.70 per share (rounded). This implies 44% upside from the most recent close on the TSX (June 10). ISO shares currently trade at 0.70x discount to NAV.